Posted by Dale Buss on July 25, 2012 04:04 PM
There's more riding on the shoulders of New York Giants star wide receiver Victor Cruz this year than hopes for the team's repeat of a Super Bowl championship: He also must bear part of the burden of turning around Campbell's woeful soup franchise.
Campbell will feature Cruz in a reprise of its "Mama's Boys" campaign of old for Chunky Soup, an iconic effort that harks back to when Americans still ate more Campbell's soup each year than the year before. That isn't the case anymore for Campbell even after the Great Recession, increased advertising spending, and the latest move — a spate of new products aimed at Millennials — have failed to turn around the fortunes of this venerable soup business.
That's why Campbell's CEO Denise Morrison this week was finally telling investors that, "by itself," the soup business "cannot take us where we want to go." Her vision of a Campbell of the very near future is based on its Pepperidge Farms brand, growing V8 beverage franchise and its recent acquisition of Bolthouse Farms and its packaged fresh foods and juices.Continue reading...